Major Gulf bourses in red on recession worries | Reuters

Major Gulf bourses in red on recession worries | Reuters

Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices and Asian shares lower as worries about a global economic downturn sapped risk appetite.

MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) lost 0.54% to 158.80, after touching highest since June 29 at 160.03 on Friday. read more

Saudi Arabia's benchmark index (.TASI) dropped 0.5%, hit by a 0.8% fall in Al Rajhi Bank (1120.SE) and a 1.3% decrease in Alinma Bank (1150.SE).

Dubai's main share index (.DFMGI) lost 0.4%, with Emirates Integrated Telecommunications (DU.DU) dropping 0.6%, despite reporting a rise in quarterly net profit.

In Abu Dhabi, the index (.FTFADGI) eased 0.2%, following a 0.1% fall in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).

Crude prices, a key catalyst for the Gulf's financial markets, dropped extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand.

The European Union said last week it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states aimed at limiting the risks to global energy security. read more

The Qatari benchmark (.QSI) was down 0.4%, with Qatar Islamic Bank (QISB.QA) declining 1.3% and Qatar National Bank (QNBK.QA), the Gulf's biggest lender, retreating 1.1%.